The Two Signals That Say Dogecoin Holders Are In For “Much Ow”

Tony "The Bull" Severino

Last Updated: June 11, 2024 1:55 pm

3 mins read

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Dogecoin is the hottest crypto of 2021, taking a major bite out of Bitcoin and Ethereum’s gains this year. These astronomical numbers the altcoin has done this year has sucked in more and more investors. However, anyone who didn’t have their DOGE bags packed previously could be in for some pain instead of “much wow.”

Here’s a closer look at the two sell signals that started showing their teeth as of today.

Every Dog Has Its Day, And It’s Been The Year Of Dogecoin

According to Oxford Languages, the phrase “every dog has its day” refers to the idea that “everyone will have good luck or success at some point in their lives.”

For Dogecoin, the last few days have been the “day” for crypto investors everywhere. Since January 1 of this year, the meme altcoin is up more than 9000% ROI. Not bad for a coin that was created as a “joke.”

These returns, however, are nothing to laugh about and some of the best the industry has to offer. Dogecoin has even made kibble out of Bitcoin and Ethereum – the two top cryptocurrencies by market cap.

The Shibu Inu adorned altcoin is beloved across the mainstream, promoted by the likes of Elon Musk, Snoop Dog, and more. The performance has been ‘best in show’ worthy all along, however, two TD 9 sell signals might be putting this rally to sleep for good.

A Duo Of Sell Signals Against The Dollar And Bitcoin Pack A Mean Bite

Dogs are known to get a little over excited, and eat a little too much or play a little too hard. Dogecoin has rallied so hard, it might be time to play dead.

But first, this old dog could roll over, according to the TD Sequential indicator.

An imperfect TD 9 setup has triggered after a sizable rally | Source: DOGEUSD on TradingView.com

Trading against the dollar, a TD 9 sell setup has appeared after an astronomical gain in recent days. The signal could wipe out as much as 80% from the coin’s price tag.

Against Bitcoin, the signal is also wagging its tail. The TD 9 sell setup on the BTC pair is even stronger of a setup, having been perfected with a higher high on the day.

The signal has been perfected on the Bitcoin trading pair | Source: DOGEBTC on TradingView.com

Because the USD pair isn’t perfect, Dogecoin could still play fetch the returns for a little while longer, keeping owners happy as can be.

This signal might suggest, however, that the adorable little pup could soon turn into a bear.

Featured image from Deposit Photos, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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